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Yesterday morning, Twitter was littered with folks trying to find out more information about the status of legendary New York City arcade Chinatown Fair. "#ChinatownFair" hashtags in-tow, rumor and speculation of the tweeters held that the arcade could be closing by the end of this week, with other reports stating March or later -- as it turns out, the arcade may not be closing at all. "I'm trying to see if I can relocate my business," owner Samuel Palmer told Joystiq last night.

According to Palmer, negotiations are still ongoing with his landlord -- a situation brought on by a failure to renew Palmer's previous lease agreement. "Samuel Palmer -- I'm not too sure if he had the lease renewed. So the landlord has an interest in raising the rent, and I guess he doesn't wanna pay it," manager Valentino Ventura told us, adding, "There is a possibility -- a remote possibility -- that we may be moving elsewhere. But we'll see how that goes. We plan to stay here."

Ventura further specified in a Facebook post that "[Chinatown Fair] may be relocating to Williamsburg, Brooklyn if disputes with the landlord are not settled" -- a notable move for an arcade that's been in operation on Mott Street in Lower Manhattan since at least the 1950s. But Ventura's not worried. He says that "the place makes plenty of money," and makes sure to point out, "We love our customers."

For now, Palmer is in ongoing negotiations for the store to stay put. And, at least for now, it's not going anywhere.